US Stocks Gain, Boosted By Tobacco Cos After Supreme Court Move |
| Wall Street Journal - Jun 28, 2010 |
U.S. stocks climbed Monday, boosted by tobacco companies after the U.S. Supreme Court declined to review a landmark tobacco industry ruling and the government's request for additional penalties against cigarette makers.
The Standard & Poor's 500-share index rose 0.2% to 1079, with cigarette makers leading the consumer staples sector higher. Reynolds American gained 4.2%, Altria Group rose 3.8% and Lorillard gained 2.7% after the high court refused to revisit a case that found the tobacco industry violated federal racketeering laws by engaging in a decades-long scheme to deceive the public about the dangers of smoking.
The high court rejected appeals by both the tobacco industry, seeking to overturn lower-court holdings, and the government, attempting to revive its rejected attempt to get tobacco companies to forfeit up to $280 billion in profits and pay $10 billion for smoking-cessation programs. Last year an appeals court affirmed earlier restrictions placed around tobacco marketing, but rejected the government's request for additional penalties against cigarette makers.
Read Full Article from Wall Street Journal
- Posted: 2010-06-28 10:41:25
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
